DIG vs. OIH

Last updated Jun 24, 2026

DIG (ProShares Ultra Oil & Gas) and OIH (VanEck Oil Services ETF) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while OIH is a Energy Equities fund tracking the MVIS US Listed Oil Services 25 Index. Both are passively managed. Over the past 10 years, DIG returned 3.76%/yr vs -2.32%/yr for OIH. Their correlation of 0.89 suggests significant overlap in exposure. DIG charges 0.95%/yr vs 0.35%/yr for OIH.

Performance

DIG vs. OIH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Oil & Gas (DIG) and VanEck Oil Services ETF (OIH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIG achieves a 44.39% return, which is significantly higher than OIH's 35.03% return. Over the past 10 years, DIG has outperformed OIH with an annualized return of 3.76%, while OIH has yielded a comparatively lower -2.32% annualized return.

DIG

• 1D: 1.37%
• 1M: -15.65%
• YTD: 44.39%
• 6M: 45.60%
• 1Y: 53.89%
• 3Y*: 19.73%
• 5Y*: 24.80%
• 10Y*: 3.76%

OIH

• 1D: -1.13%
• 1M: -13.39%
• YTD: 35.03%
• 6M: 35.52%
• 1Y: 68.64%
• 3Y*: 14.83%
• 5Y*: 12.26%
• 10Y*: -2.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DIG vs. OIH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIG ProShares Ultra Oil & Gas	44.39%	2.73%	0.93%	-13.04%	125.34%	115.63%	-70.36%	12.51%	-40.11%	-7.39%
OIH VanEck Oil Services ETF	35.03%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%

Correlation

The correlation between DIG and OIH is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007	0.89

The correlation between DIG and OIH shifts across timeframes, from 0.73 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

DIG vs. OIH - Sectors Allocation Comparison

Sectors	DIG	OIH
Energy	67.5%	97.6%
Financial Services	7.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.9%

Return for Risk

DIG vs. OIH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIG

DIG Risk / Return Rank: 37
DIG Sharpe Ratio Rank: 38
DIG Sortino Ratio Rank: 35
DIG Omega Ratio Rank: 34
DIG Calmar Ratio Rank: 40
DIG Martin Ratio Rank: 38

OIH

OIH Risk / Return Rank: 75
OIH Sharpe Ratio Rank: 75
OIH Sortino Ratio Rank: 69
OIH Omega Ratio Rank: 63
OIH Calmar Ratio Rank: 85
OIH Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIG vs. OIH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) and VanEck Oil Services ETF (OIH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DIG	OIH	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.30	-0.99
Sortino ratio: Return per unit of downside risk	1.79	2.97	-1.18
Omega ratio: Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio: Return relative to maximum drawdown	1.92	4.51	-2.59
Martin ratio: Return relative to average drawdown	5.59	16.04	-10.46

DIG vs. OIH - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 1.31, which is lower than the OIH Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DIG and OIH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DIG vs. OIH - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, roughly equal to the maximum OIH drawdown of -94.45%. Use the drawdown chart below to compare losses from any high point for DIG and OIH.

Drawdown Indicators

	DIG	OIH	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-94.45%	-2.59%
Max Drawdown (1Y) Largest decline over 1 year	-28.23%	-15.29%	-12.94%
Max Drawdown (3Y) Largest decline over 3 years	-42.41%	-43.80%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	-46.02%	-43.80%	-2.22%
Max Drawdown (10Y) Largest decline over 10 years	-92.53%	-89.62%	-2.91%
Current Drawdown Current decline from peak	-57.70%	-65.76%	+8.06%
Average Drawdown Average peak-to-trough decline	-64.33%	-48.87%	-15.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.68%	4.29%	+5.39%

Volatility

DIG vs. OIH - Volatility Comparison

ProShares Ultra Oil & Gas (DIG) has a higher volatility of 14.13% compared to VanEck Oil Services ETF (OIH) at 10.14%. This indicates that DIG's price experiences larger fluctuations and is considered to be riskier than OIH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIG	OIH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.13%	10.14%	+3.99%
Volatility (6M) Calculated over the trailing 6-month period	33.67%	21.14%	+12.53%
Volatility (1Y) Calculated over the trailing 1-year period	41.74%	30.39%	+11.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.53%	36.79%	+14.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.83%	42.38%	+15.45%

DIG vs. OIH - Expense Ratio Comparison

DIG has a 0.95% expense ratio, which is higher than OIH's 0.35% expense ratio.

Dividends

DIG vs. OIH - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.72%, more than OIH's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.72%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
OIH VanEck Oil Services ETF	1.27%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%

Frequently Asked Questions

Can I hold both DIG and OIH in my portfolio?

DIG and OIH have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIG or OIH?

DIG has higher volatility (14.13%) compared to OIH (10.14%). In terms of maximum drawdown, DIG dropped -97.04% vs OIH's -94.45%.

Which ETF is better, DIG or OIH?

On 10-year performance, DIG leads with 3.76% vs -2.32% for OIH. On fees, OIH is cheaper at 0.35% per year. On volatility, OIH has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIG or OIH?

Over the 10-year period, DIG has performed better with a 3.76% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIG or OIH?

OIH is cheaper with a 0.35% expense ratio, compared with 0.95% for DIG.

Which ETF pays a higher dividend yield, DIG or OIH?

DIG has the higher dividend yield at 1.72%, compared with 1.27% for OIH.

What is the main difference between DIG and OIH?

DIG is categorized as Leveraged Equities, while OIH is Energy Equities. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while OIH tracks MVIS US Listed Oil Services 25 Index. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for DIG and 0.35% for OIH.

Which has better risk-adjusted returns?

OIH currently has the higher Sharpe Ratio (2.30 vs 1.31), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.